Slide 1: 2024 Earnings Review and 2025 Guidance
2024 Earnings Review and 2025 Guidance Thursday, January 30, 2025
Slide 2: Cautionary Statement
Cautionary Statement This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include,
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes certain non-GAAP financial measures. We supplement the reporting of our financial information determined under U.S. Generally Accepted Accounting Principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures, inc
Slide 4: 2024 Earnings Review and 2025 Guidance
2024 Earnings Review and 2025 Guidance Whirlpool Corporation Confidential Marc Bitzer Jim Peters CHAIRMAN AND EXECUTIVE VICE PRESIDENT CHIEF EXECUTIVE AND CHIEF FINANCIAL AND OFFICER ADMINISTRATIVE OFFICER
Slide 5: 2024 Full-Year Results
2024 Full-Year Results PROFITABLE GROWTH Net Sales YoY Change ● Delivered ongoing EPS of $12.21 $16.6B (14.6)% (0.4)% organic ● Cost actions delivered ~$300M full-year benefit, as expected MARGIN EXPANSION ● Free cash flow generation of $385M, impacted by Europe Ongoing EBIT YoY Change Margin transact
Slide 6: 2024 Fourth-Quarter Results
2024 Fourth-Quarter Results PROFITABLE GROWTH Net Sales YoY Change ● ~2% organic net sales improvement with strong SDA Global and $4.1B (18.7)% 1.9% organic international growth MARGIN EXPANSION ● Expanded ongoing EBIT margin year-over-year and sequentially Ongoing EBIT YoY Change by 80 bps and 20 b
Slide 7: Ongoing EBIT Margin Drivers
Ongoing EBIT Margin Drivers (Approximate impact) Q4 2023 Ongoing EBIT Margin 5.2% Price/Mix -1.00 Net Cost* +1.75 Raw Material Inflation nm Marketing & Technology Investments -0.50 Currency -0.25 Europe Transaction +0.75 2024 Ongoing EBIT Margin 6.0% *Inclusive of Fixed Cost Take Out, Ongoing Cost Pr
Slide 8: MDA NAR Fourth-Quarter and Full-Year Results
MDA NAR Fourth-Quarter and Full-Year Results NET SALES ($B) -1% -5% COMMENTARY ● Strong consumer demand post-election Q4 2023 Q4 2024 FY 2023 FY 2024 -34% ● Sizeable retailer destocking -19% coupled with strong sell through EBIT ($M) in Q4, negatively impacted price/mix FY 2023 FY 2024 ● Delivered f
Slide 9: MDA LAR Fourth-Quarter and Full-Year Results
MDA LAR Fourth-Quarter and Full-Year Results NET SALES ($B) 4% -4% COMMENTARY ● Net sales excluding currency increased 7% year-over-year in Q4 2023 Q4 2024 FY 2023 FY 2024 Q4 due to industry growth and pricing actions 31% ● Achieved 240 bps year-over-year EBIT ($M) 40% in Q4 EBIT margin expansion fr
Slide 10: MDA Asia Fourth-Quarter and Full-Year Results
MDA Asia Fourth-Quarter and Full-Year Results NET SALES ($B) 9% 8% COMMENTARY ● Sustained share gains and strong industry delivering net sales Q4 2023 Q4 2024 FY 2023 FY 2024 growth excluding currency of nm ~9% year-over-year in Q4 86% ● 170 bps Q4 EBIT margin EBIT ($M) expansion year-over-year from
Slide 11: SDA Global Fourth-Quarter and Full-Year Results
SDA Global Fourth-Quarter and Full-Year Results NET SALES ($B) 6% 4% COMMENTARY ● Strong net sales growth year-over-year driven by new Q4 2023 Q4 2024 FY 2023 FY 2024 product launches and direct to consumer business 4% ● Q4 EBIT margin impacted by EBIT ($M) -4% increased marketing investments in new
Slide 12: 2025 Full-Year Guidance
2025 Full-Year Guidance PROFITABLE GROWTH MARGIN EXPANSION CASH CONVERSION INVESTOR ~$17.2B ~9.0% ~7.0% DAY GOALS ONGOING EARNINGS BEFORE INTEREST FREE CASH FLOW ANNUAL ORGANIC NET SALES AND TAX, % OF NET SALES AS % OF NET SALES Net Sales YoY Change Ongoing EBIT YoY Change Free FCF as % of Margin Ca
Slide 13: Full-Year 2025 Ongoing EBIT Margin Guidance
Full-Year 2025 Ongoing EBIT Margin Guidance (Approximate impact) Current Comments 2024 Ongoing EBIT Margin 5.3% • 100+ product launches Price/Mix +0.75 • Previously announced pricing actions Net Cost* +1.25 • Cost actions expected to deliver $200M+ benefit Raw Material Inflation nm • Expect minimal im
Slide 14: 2025 Segment Guidance
2025 Segment Guidance Industry EBIT % MDA ~Flat ~7.5% North America MDA 0 - 3% ~7.5% Latin America MDA 3 - 5% ~6.0% Asia* SDA Global ~Flat ~15.0% Total ~Flat ~6.8% * 2025 Guidance for MDA Asia considers the anticipated India market sale transaction and excludes July through December 2025. 14
Slide 15: Continuing to Win With Product Leadership and a Strong Cost Position
Continuing to Win With Product Leadership and a Strong Cost Position ~3% Organic Growth $200M+ Net Cost Take Out ● Strongest brand portfolio in our business segments ● Significant opportunity remaining after $2.5B raw material increase in 2021 and 2022 ● 100+ new product launches expected to launch i
Slide 16: Continuing to Win With Product Leadership Through Premium Product Launches
Continuing to Win With Product Leadership Through Premium Product Launches JennAir Induction Downdraft Cooktops Clear the kitchen air with powerful & effective extraction that is quieter than a hood, liberating the space for more design possibilities. Flexible zones with automatic bridging combine to
Slide 17: 2025 Free Cash Flow Guidance
2025 Free Cash Flow Guidance (Approximate impact in millions) 2024 2025 Comments $1,000 - • 2024 impacted by Europe Transaction Cash Earnings and Other Operating Items $637 $1,100 (~$275M) • Innovation, digital transformation and Capital Expenditures $(451) ~$(450) cost optimization investments Work
Slide 18: Refreshed Capital Allocation Priorities
Refreshed Capital Allocation Priorities • Invest ~$450M of net sales in Capex 1 Fund Organic Growth • 100+ new product introductions coming 2025 • Expect to pay down ~$700M of debt in 2025 2 Debt Paydown • ~2x net debt leverage target 3 Fund Dividend • Committed to fund our dividend Share Buy Back o
Slide 19: Continued Commitment to Net Debt Leverage Reduction
Continued Commitment to Net Debt Leverage Reduction $1.7B InSinkErator Acquisition Term Loan Debt Whirlpool Total Debt Refinance Portion of InSinkErator Debt Year-End Net Debt Leverage 1.5 1.1 0.8 3.1 3.6 4.4 ~3.4 19
Slide 20: Strengthening our Balance Sheet Through Clear Actions to Address our Debt Maturities
Strengthening our Balance Sheet Through Clear Actions to Address our Debt Maturities $1.85B Debt Due in 2025 Actions to Address ● Expect to pay down ~$700M of debt Senior Note $0.35B ● Expect to refinance $1.1B - $1.2B Remaining variable $1.50B term loan 2024 average rate of 6.3% ● Intend to use proc
Slide 21: Anticipated Whirlpool of India Market Sale Transaction
Anticipated Whirlpool of India Market Sale Transaction Expected to close by mid to late 2025 BENEFITS OF POTENTIAL TRANSACTION CURRENT OWNERSHIP Supports focus on portfolio of #1 positions 51% stake in Whirlpool of India Enable focus on growth acceleration to deliver Whirlpool of India shareholder v
Slide 22: Closing Summary
Closing Summary ● MDA North America well positioned for growth and margin expansion ● International businesses to continue growth and strong EBIT margins ● SDA Global expected to accelerate growth from product launches ● Focus on structural cost take out of $200M+ ● Commitment to improving our balan
Slide 23: Closing Remarks and Q&A
and Q&A Closing Remarks Whirlpool Corporation Confidential
Slide 24: 2025 Guidance Comparison to 2024
2025 Guidance Comparison to 2024 Q1 2024 July - 2024 As 2024 Like- 2025 MDA December Reported for-Like Guidance*** Europe* 2024 India** Net Sales (in billions) $16.6 $0.8 $0.4 ~$15.4 ~$15.8 Ongoing EBIT (in $887 $(9) $3 ~$893 ~$1,070 millions) Ongoing EBIT Margin 5.3% (1.1)% 0.7% ~5.8% ~6.8% *Q1 his
Slide 25: 2024 Ongoing EBIT Margin Drivers
2024 Ongoing EBIT Margin Drivers (Approximate impact) Q1 Q2 Q3 Q4 FY 2023 Ongoing EBIT Margin 5.4% 7.3% 6.5% 5.2% 6.1% Price/Mix -3.75 -3.00 -1.25 -1.00 -2.25 Net Cost* +2.25 +1.00 +0.50 +1.75 +1.50 Raw Material Inflation nm nm nm nm nm Marketing & Technology Investments nm -0.50 nm -0.50 -0.25 Curre
Slide 26: Key Assumptions - Guidance
Key Assumptions - Guidance Income Statement FY2024 FY2025E Raw Material (Inflation) / Deflation nm nm Restructuring Costs* $79M ~$75M Interest Expense $358M ~$330M Corporate Center $200M ~$200M Weighted-Average Diluted Shares Outstanding 55.1M 56.1M** GAAP Earnings per Diluted Share $(5.87) ~$8.75 Ong
Slide 27: Ongoing Interest and Sundry (Income) Expense and Ongoing Equity Method Investment Income (Loss)
Ongoing Interest and Sundry (Income) Expense and Ongoing Equity Method Investment Income (Loss) Q4 Full Year (Approximate impact in millions) 2023 2024 2023 2024 Comments • Includes foreign exchange and Net Foreign Exchange $4 $10 $26 $19 hedge (gain)/loss Interest (Income) Expense/Other (30) (10) (
Slide 28: Restructuring Cash Outlays
Restructuring Cash Outlays (Approximate impact in millions) 2023 2024 Comments COVID-19 Related Actions $20 $0 Other Initiatives 12 82 Primarily due to organizational simplification Total $32 $82 Note: Numbers may not reconcile due to rounding. 28
Slide 29: Whirlpool
Whirlpool Whirlpool KitchenAid JENNAI? MAYIAG AMANA BRASTEMP' Consul inQDertor